Pierce County vacancy rate increasing
Pierce County’s office vacancy rate has gone up to 11.9 percent in Q2 of this year. In quarter one it was 10.62 percent. The news was revealed buy international commercial property company Colliers. The report blames the increase in the vacancy rate on a sluggish economy. Many companies have either left the area of have been contracting. The rise was compounded by the empty space at Tacoma’s Old City Hall which is now back on the market. The rate was around 11 percent this time last year.
The vacancy rate for industrial space in the area is slightly lower at 9.14 percent. The reason why the rate was lower was down to some recent deals such as O’Reilly Automotive and plastics company Saint-Gobian in Puyallup, Colliers reports.